WealthManagement.Me

Stephen Little
Reporter in London

Julius Baer is set to launch a new subsidiary in Bahrain, after having been granted an investment firm licence from the Central Bank of Bahrain.

The new subsidiary, Julius Baer Bahrain, will focus on offering wealth management services and advice to private clients in the Kingdom, the firm said.

Julius Baer yesterday announced that it has started to transfer the Hong Kong and Singapore businesses of Merrill Lynch International Wealth Management that it acquired in 2012. For more on this story, click here.

In other news, earlier this month Julius Baer said its assets under management rose 16 per cent between the end of last year and the end of April 2013, standing at SFr220 billion ($227.9 billion), and total client assets grew by 12 per cent to SFr309 billion.